Oil drops on OPEC+ spat

Global oil prices are down moderately on Monday morning on uncertainties related to prospects of OPEC+ deal, according to the results of the tradings.

Report informs, citing Prime, that as of 08.39 (Baku time), Brent's September futures were down 0.19% to $75.42 per barrel, while WTI's August futures dropped by 0.12% to $74.47 per barrel.

At their two meetings in early July, OPEC+ failed to agree on the further terms of the deal due to UAE's position. The third meeting was canceled, and the new one is yet to be appointed. The rates are kept at their current levels.

The uncertainty overwhelmed the market after OPEC+ reached a stalemate over the future increase in output. The lack of unity in the group is a real risk in the middle-term perspective, the ANZ analysts told the Wall Street Journal.

The upward movement of the dollar rate also had some pressure on oil prices, with the dollar index (the dollar rate to the currency basket of six countries - main trade partners of the United States) up 0.07% to 92.19.